“Making on time Mortgage Payments a Must”
I know we wanted to refinance our FHA mortgage this fall and lower our rate and remove mortgage insurance. Unfortunately it may not be able to happen as we had a late payment on our mortgage and our credit scores took a hit. We had been making the payments online as we had done for the last year and a half. We thought the payment went through, but there wasn’t enough in our account. Stupid mistake for sure.
Can you update our credit and let me know how much damage was done and how much longer we should plan on waiting before we can accomplish our refinance goal.
I felt horrible for them, but unfortunately refinancing at this time won’t happen as their credit scores dropped too much for the refinance to happen.
Fortunately, their current rate is at 4.25%, not all that bad. But they are paying $190 for mortgage insurance. We will just need to wait a bit longer.